Kenorland Arranges $6.3 M Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2022) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) ("Kenorland" or "the Company") is pleased to announce that it has arranged a non-brokered $6.3 million private placement (the "Placement") of 9,000,000 common shares at a price of $0.70 per share.
The proceeds of the Placement will be utilized to fund the Company's exploration activities on its existing project portfolio and for general working capital.
The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSXV. The Company may pay finder's fees to registrants in accordance with the policies of the TSXV.
The Company reserves the right to increase the number of shares issued pursuant to the Placement by up to 2,000,000 additional shares for a total of up to 11 million shares and total gross proceeds of up to $7.7 million as an overallotment option and to accommodate previously granted equity participation rights.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSXV: KLD) is a mineral exploration Company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland's focus is early to advanced stage exploration in North America. The Company currently holds four projects in Quebec where work is being completed under joint venture and earn-in agreement from third parties. The Frotet Project is held under joint venture with Sumitomo, the Chicobi Project is optioned to Sumitomo, the Chebistuan Project is optioned to Newmont Corporation, and the Hunter Project is optioned to Centerra Gold. In Ontario, the Company holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corporation. In Alaska, the Company holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.
Further information can be found on the Company's website www.kenorlandminerals.com
Kenorland Minerals Ltd.
CEO and Director
Tel: +1 604 363 1779
Kenorland Minerals Ltd.
Tel: +1 778 322 8705
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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